Top Ships buys three new MR tankers with $929M backlog

Top Ships agreed to acquire three ship-owning units tied to high-spec MR product tankers due in 2029, adding five-year charters with an oil major and lifting total potential gross revenue backlog to about $929 million. The deal is expected to close by Sept. 30, 2026, and supports the company's capital shift back into its tanker fleet.

Why it matters: - The acquisition adds contracted future revenue and deepens Top Ships' charterer mix with an oil major. - The three vessels increase visibility into cash flow from the company's newbuilding program. - Top Ships said the deal supports its redeployment of capital into its core tanker business.

What happened: - Top Ships entered into a share purchase agreement to buy three special purpose vehicles from a related party. - Each special purpose vehicle holds one shipbuilding contract for a high-specification, ECO, scrubber-fitted MR product tanker. - The tankers are scheduled for delivery in 2029. - The transaction was announced July 29, 2026. - The acquisition is expected to close by Sept. 30, 2026, subject to customary closing conditions.

The details: - The three vessels already have time charter employment with an oil major starting at delivery. - The firm charter term is five years, with one additional one-year extension option. - The potential gross revenue backlog from the charter contracts is about $140.6 million, including optional periods. - The aggregate purchase price for 100% of the SPV shares is about $7.4 million, net of a $23.5 million refund tied to a previously announced canceled Dubai real estate deal. - The consideration is payable in full at closing. - The consideration includes reimbursement for the first shipyard installment already paid by the seller. - A special committee of independent and disinterested board members approved the deal. - The committee obtained a fairness opinion from an independent financial advisor. - Top Ships said the company is an international owner and operator of modern, fuel-efficient "ECO" tanker vessels. - The company's fleet focus includes crude oil, petroleum products and bulk liquid chemicals. - Top Ships said the three new MR tankers lift total potential gross revenue backlog from its ten newbuilding MR tankers to about $680 million. - Including contracted time charters for the operating fleet and its 50% share of backlog from JV vessels, total potential gross revenue backlog including optional periods rises to about $929 million.

Between the lines: - The transaction extends Top Ships' pivot toward tanker assets after the capital recycling from the Dubai real estate deal. - The oil major charter adds a higher-quality counterparty to the charter book, which can improve revenue visibility. - The gap between the $7.4 million purchase price and the $140.6 million potential backlog shows how much contracted revenue is embedded in the vessel pipeline, though future cash flows still depend on delivery and charter performance. - The press release includes standard forward-looking language, so the backlog and closing timing remain subject to the stated risks and conditions.

What's next: - Top Ships will work toward closing the acquisition by Sept. 30, 2026. - The three tankers remain on track for 2029 delivery if the shipbuilding contracts proceed as planned. - The company will continue building out its tanker fleet and contracted revenue base. - More information is available in the company's announcement.

The bottom line: - Top Ships is adding contracted MR tanker capacity at a modest upfront price, while materially increasing its visible revenue backlog.